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13 October 2017
As we have discussed in our previous post, beginners seeking to get some cryptocurrency for free may among other things claim the coins at the websites known as ‘faucets’. We defined the faucets as Internet resources that work like a real faucet providing tiny drops of cryptocoins to all claimants. Today we take a closer look at faucets.
What is the point?
Faucets target newbies in the cryptocurrency world, they are not aimed at experienced users, because the size of the free cryptocurrency giveaway is very negligible. It is usually measured in satoshis – the smallest unit of Bitcoin currency, or small portions of other currencies. For beginners it is a good starting point to deal with cryptocurrencies, while for the faucets it is a profit making scheme.
The scheme is based on the advertisement placed by companies on the website of the faucet owner. The larger is the number of visitors and the higher is the rate of their visits to the website, the better is for the faucet owner. It means that more companies will be willing to place their advertisements on the faucet website.
How it works
Beginners wishing to get some free coins come to the faucet website and need to enter the address of their digital currency wallet. The faucet will start counting the time established by the faucet for the visitors to remain on the page. Once the time counting ends, visitors may claim their reward. They just need to press the “Claim Now” button and solve some simple mathematical problem or fill the Captcha to confirm that they are human beings, preventing the bots from misappropriating the rewards.
The payout on some faucets is made immediately, and other faucets transfer the reward once a week on a preliminarily scheduled day. In order to prevent pocketing of all rewards by one visitor, the faucets usually establish a time interval between the claims. In some cases it may last for 5 minutes, in other cases it may take 24 hours.
According to FaucetHub.io, where most of the faucets are linked to, HoneyMoney faucet should be listed first. It is actually based on the fact that top faucets on FaucetHub are those belonging to owners, ‘who purchased their premium account’. HoneyMoney, allegedly, pays up to 500,000 satoshis and has no timers. Over this week HoneyMoney has paid 0.53728633 BTC to 294 users.
This faucet is more like a gaming website, where users may earn their rewards for playing the game. In addition, FreeBitcoin arranges a lottery draw allowing visitors to win prizes every week. Visitors may earn from 50 to 5,600 satoshis. Payout is direct, while the time interval between the claims is 60 minutes. The limit amount that should be reached before the rewards may be withdrawn makes up 30,000 satoshis.
This is a free Bitcoin earning portal featuring several ways to make profit: casino, offerwals and faucet. Casino provides access to online games where bets are placed. Offerwals represent surveys, which should be completed to earn free coins. In the faucets section users just claim free satoshis as they complete the standard registration and captcha procedure. Bitgames allows earning from 66 to 250 satoshis with no time interval between the claims. Meantime, payouts are made every 60 minutes. Withdrawals are allowed after reaching the minimum amount of 25,000 satoshis.
This faucet pays to visitors with Litecoin wallets. The reward may range from 336 to 2,000 litoshi (the smallest unit of Litecoin currency). The time period between the claims should be 5 minutes. Payouts are made to CoinPot microwallet. Withdrawals are made directly. MoonLitecoin also provides a loyalty bonus: a visitor who comes more frequently from claim to claim is given a bonus that doubles his/her reward.
This is one of many Ethereum-based faucets. It allows users to earn from 650 to 1,350 gwei (1 gwei equals 10^-9 Ether). The time interval between the claims is 5 minutes. Payouts are made directly to the wallet, while minimum withdrawal amount is 750,000 gwei or 0.00075 Ether.
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